Markets snap 3-day losing run; Sensex jumps 1,000 pts as financial, telecom shares gain
Mumbai, Jun 20 (PTI): Equity benchmark indices Sensex and Nifty rebounded sharply by over 1 per cent on Friday after sliding for the past three sessions, propelled by bargain hunting in financial, telecom and tech stocks amid a correction in global crude prices.
A largely supportive trend overseas and renewed foreign capital inflows supported domestic equities following signs of easing tension in the Middle East, traders said.
After a flat start, the BSE Sensex later found its mojo back and surged 1,046.30 points or 1.29 per cent to settle at 82,408.17. During the day, it jumped 1,132.62 points or 1.39 per cent to 82,494.49.
The 50-share NSE Nifty climbed 319.15 points or 1.29 per cent to 25,112.40.
As many as 2,463 stocks advanced while 1,484 declined and 147 remained unchanged on the BSE.
This week, the BSE benchmark gauge jumped 1,289.57 points or 1.58 per cent, and the Nifty surged 393.8 points or .59 per cent.
"Equity indices surged as Middle East tension moderated with risk of immediate military actions reduced as US dialogue with Iran is expected to take place. The development led the crude price to correct, favouring domestic markets and boosting foreign investors' sentiments.
"In the broader market, rapid fall in VIX index and buying was witnessed in rate sensitives and consumer-oriented sectors like Finance, Auto and Reality and in anticipation of better Q1FY26 results led by rate cuts benefits, drop in inflationary pressure and rebound in consumer spending," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Bharti Airtel, Nestle, Mahindra & Mahindra, Power Grid, Reliance Industries, NTPC, Eternal and HDFC Bank were among the biggest gainers.
In contrast, Maruti was the only laggard.
The BSE midcap gauge jumped 1.20 per cent, and smallcap index climbed 0.55 per cent.
All BSE sectoral indices ended higher. Telecommunication surged 2.73 per cent, realty (2.22 per cent), teck (1.42 per cent), capital goods (1.17 per cent), bankex (1.15 per cent), consumer discretionary (1.12 per cent) and metal (1.10 per cent).
"Sentiment improved after the news report indicated a possible de-escalation in the Iran-Israel conflict, with the US signalling a delay in potential action, which led to a softening in crude oil prices. Additionally, consistent buying by FIIs in the cash segment further supported the market," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
In Asian markets, South Korea's Kospi and Hong Kong's Hang Seng settled in positive territory, while Japan's Nikkei 225 index and Shanghai's SSE Composite index ended lower.
Markets in Europe were trading higher in mid-session trade.
US markets were closed on Thursday for the Juneteenth holiday.
Global oil benchmark Brent crude dropped 1.93 per cent to USD 77.33 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 934.62 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 605.97 crore.
On Thursday, the 30-share BSE Sensex declined 82.79 points, or 0.10 per cent, to settle at 81,361.87. The Nifty dipped 18.80 points or 0.08 per cent to 24,793.25.
"In the absence of any major domestic events, global markets will continue to guide sentiment. We maintain our positive yet cautious stance and advise focusing on stock selection, particularly in line with sectoral trends," Mishra said.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
